WebThe oil and gas proceeds derived from the sale of production from any well producing oil, gas or related hydrocarbons in New Mexico shall be paid to all persons legally … WebHB 926: Amendments to Oil and Gas Proceeds Payment Act (Coll). Requires the operator or lessee to make a “diligent effort” to provide the payor of production proceeds with the “correct” name, address and division of interest of each owner entitled to payment. Where there is a failure to make a diligent effort, the operator or lessee is ...
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Webviolations of the New Mexico Oil and Gas Proceeds Payment Act (OGPPA) for improper deductions of the New Mexico Natural Gas Processor's Tax and post-production costs from their royalty payments.21 The court held that the OGPPA applied to the subject leases because while the leases predated ... WebThe complaint claims that these royalties must be paid “within six months after the first day of the month following the date of the first sale from any well which produces oil, gas, or related hydrocarbons within the State of New Mexico.” … pekin houses for rent
2005 Senate Bill text for SB0256 - nmlegis.gov
WebNormally, the lessee under an oil and gas lease, not the lessor, is responsible for paying the expenses of exploration and production. 3 These generally include the costs associated with geophysical surveying, drilling, testing, completing, and reworking a well, as well as secondary recovery. 4 Web19 jun. 2015 · Currently, under regulations set in 1951, a company can secure a nationwide bond for all its oil and gas wells on public lands for only $150,000. Adjusting for inflation, that $150,000 fee... WebArticle 10 — Oil and Gas Proceeds Payments, 70-10-1 through 70-10-6. There is a newer version of the New Mexico Statutes View our newest version here 2006 New Mexico Statutes - Article 10 — Oil and Gas Proceeds Payments, 70-10-1 through 70-10-6. … mech thor